N.D. Admin. Code 7-18-02-02

Current through Supplement No. 394, October, 2024

Section 7-18-02-02 - Financial requirements

1. All license types must meet the following requirements based on purchased grain amount:

a. Purchases less than one million: one hundred thousand dollars net worth.

b. Purchases more than one million less than ten million: two hundred fifty thousand dollars net worth.

c. Purchases more than ten million: five hundred thousand dollars net worth.

d. Working capital ratio of at least 1.0.

2. For any licensee unable to meet these requirements the commissioner may:

a. Deny a license;

b. Require additional capital or net worth before approving license; and

c. Require additional bonding to cover capital or net worth shortfall.

N.D. Admin Code 7-18-02-02

Adopted by Administrative Rules Supplement 2021-383, January 2022, effective 1/1/2022.

General Authority: NDCC 60-02-03, 60-02.1-03

Law Implemented: NDCC 60-02-06.2, 60-02.1-06.2